Posts Tagged ‘Butterfly Labs’

It seems that the ASIC mining harwdare manufacturer BFL has resumed operations butt should you care at all about that? Butterfly Labs has outdated Bitcoin mining hardware, so no reason to order the 700 GHS Monarch Bitcoin mining cards or the cloud mining plans at $2.75 per GHS. If you however have ordered any of their mining hardware and/or service before BFL was closed a few months ago you might want to submit a request for a refund. After all there is still some chance that you may at least get your money back, below is a quote of the official information regarding refunds from BFL:

Refund and rebate payments will be processed in the order received (including those on hold during the FTC action). We will resume paying refunds and rebates as soon as we’re operationally ready. We anticipate being able to start paying refunds in bitcoin in January. Because the cost of the Temporary Receivership and our legal defense against the FTC have consumed a substantial portion of our cash reserves, we anticipate being able to resume cash refund and rebate payments in late January or February.

The news agency Reuters has just reported that a U.S. court has shut down Butterfly Labs, a Missouri company, which the Federal Trade Commission (FTC) alleges for deceptively marketing Bitcoin mining hardware.

“The FTC’s complaint against Butterfly and its corporate officers alleges that the company charged consumers thousands of dollars for its bitcoin computers, called BitForce, but then failed to provide the computers until they were almost obsolete, or in many cases did not provide the computers at all.”

“Butterfly sold its computers from $149 to $29,899 based on the machines’ purported computing power. The FTC said that more than 20,000 consumers had not received the computers they purchases as of September 2013.”

At the time of writing this the Butterfly Labs’ website is still online and there is nothing official coming from the company as a response to the court ruling. We can’t say that we are surprised from this development as Butterfly Labs as one of the first makers of Bitcoin ASIC miners probably was not ready for the overwhelming user demand and a for months and years they literally failed to gt a hold of what was going on with the Bitcoin market and continued to take pre-orders of hardware that they were apparently not capable of delivering. We’ll see if other crypto currently mining hardware companies would suffer the same fate.

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